§ 105-32.8. Federal determination that changes the amount of tax payable to the State. - North Carolina Statutes

§ 105‑32.8.  Federaldetermination that changes the amount of tax payable to the State.

If the federal governmentcorrects or otherwise determines the gross estate tax imposed under section2001 of the Code or the amount of the maximum state death tax credit allowed anestate under section 2011 of the Code, the personal representative must, withinsix months after being notified of the correction or final determination by thefederal government, file an estate tax return with the Secretary reflecting thecorrect amount of tax payable under this Article. If the federal governmentcorrects or otherwise determines the amount of the maximum state generation‑skippingtransfer tax credit allowed under section 2604 of the Code, the person who madethe transfer must, within six months after being notified of the correction orfinal determination by the federal government, file a tax return with theSecretary reflecting the correct amount of tax payable under this Article.

The Secretary must propose anassessment for any additional tax due as provided in Article 9 of this Chapterand must refund any overpayment of tax as provided in Article 9 of thisChapter. A person who fails to report a federal correction or determination inaccordance with this section is subject to the penalties in G.S. 105‑236and forfeits the right to any refund due by reason of the determination. (1998‑212, s. 29A.2(b);1999‑337, s. 13; 2005‑435, s. 24; 2006‑18, s. 3; 2007‑491,s. 6.)